Echo News

House prices rise 19% in Basildon

BASILDON has seen the biggest house price rise across the whole of Essex.

The average home in the borough is nowworth £234,652 compared to £190,068 this time last year.

Property experts have put the 19 per cent increase down to new housing developments such as Acacia Park, in Gloucester Park, and Morello Quarter, in Cherrydown East.

Money has also been ploughed into facilities such as the £38million Sporting Village, a major £30million regeneration of Pitsea, and work is in the pipeline for Basildon town centre and Wickford High Street.

Martin Gibbon, managing director of Balgores Property Group, which has offices in Basildon, said: “Basildon is booming, fuelled by growing demand for rental and residential property.

“Demand for property in Basildon is down to a number of key factors.

“There have been a number of regeneration programmes to develop and improve the area and this is driving away the old stigma.

“There are also new housing developments. What’s more, the town centre is undergoing major regeneration.”

The house price increase in Basildon is above the national average of 8.5 per cent, and above the Essex average of 14 per cent.

Earlier this year the Echo revealed rents in the borough had gone up 30 per cent.

Tony Ball, leader of Basildon Council, said: “We have put Basildon out there as a great place to live and work.

We have managed to improve Basildon’s reputation.

“We’re very keen developments are quality. We’re not going to put up with anything being thrown up.

“House prices in Basildon have always been a little bit lower than other areas, but nowwe are catching up.

“For people trying to get on the property ladder it is obviously not a good thing, which is why we need a variety of new homes.”